£9.8m Follow-On Defence Contract with NATO

RNS Number : 1227H

Solid State PLC

22 November 2022

 

Solid State plc

( "Solid State", the " Group " or the "Company" )

£9.8m Follow-On Defence Contract with NATO

Solid State plc (AIM: SOLI), the specialist value added component supplier and design-in manufacturer of computing, power, and communications products, announces that it has been awarded a further £9.8m contract by the NATO Support and Procurement Agency (NSPA) to supply communications equipment to a defence customer through its Systems division.  The revenues from this contract are expected to contribute towards market expectations for the financial year 2023/2024.

Commenting on the contract, Gary Marsh, Chief Executive of Solid State, said:

"It is very pleasing to secure such a significant follow-on order from NATO, so soon after securing the £7.3m order announced on 14 November 2022.  Matthew Richards and his team in the Systems division have done an excellent job in meeting the exacting requirements of NATO's needs, which has been rewarded through these two contract awards."

This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

For further information please contact:

Solid State plc Gary Marsh - Chief Executive Peter James - Group Finance Director	Via Walbrook
WH Ireland (Nominated Adviser & Joint Broker) Mike Coe / Sarah Mather (Corporate Finance) Fraser Marshall (Sales)	020 7220 1666
finnCap (Joint Broker) Ed Frisby (Corporate Finance) Rhys Williams / Tim Redfern (Sales / ECM)	020 7220 0500
Walbrook PR (Financial PR)  Tom Cooper / Nick Rome	020 7933 8780 0797 122 1972 [e-mail]

Analyst Research Reports: For further analyst information and research see the Solid State plc website: https://solidstateplc.com/research/

Notes to Editors:

Solid State plc (SOLI) is a value added electronics group supplying commercial, industrial and defence markets with durable components, assemblies, manufactured units and power units for use in specialist and harsh environments.  The Group's mantra is - 'Trusted technology for demanding environments'.  To see an introductory video on the Group -  https://bit.ly/3kzddx7  

Operating through two main divisions: Systems (Steatite, Active Silicon & Custom Power) and Components (Solid State Supplies, Pacer, Willow Technologies & AEC); the Group specialises in complex engineering challenges often requiring design-in support and component sourcing for computing, power, communications, electronic, electro-mechanical and opto-electronic products.

Headquartered in Redditch, UK, Solid State employs approximately 400 staff across the UK and US, serving specialist markets with high barriers to entry in industrial, defence and security, transportation, medical and energy. 

Solid State was established in 1971 and admitted to AIM in June 1996.  The Group has grown organically and by acquisition - having made 4 acquisitions in the last 5 years.

 

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